Quarterly report pursuant to Section 13 or 15(d)

NET LOSS PER SHARE

v3.24.3
NET LOSS PER SHARE
9 Months Ended
Sep. 30, 2024
NET LOSS PER SHARE  
NET LOSS PER SHARE

6. NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock and pre-funded warrants outstanding during the period. The pre-funded warrants are considered common shares outstanding for the purposes of the basic net loss per share calculation due to the nominal cash consideration and lack of other contingencies for issuance of the underlying common shares. Diluted net loss attributable to common stockholders per share is computed by dividing net loss attributable to common stockholders, as adjusted, by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding. Potential common stock equivalents consist of stock options, warrants, and convertible preferred shares. In accordance with ASC Topic 260, Earnings per Share, diluted earnings per share are the amount of earnings for the period available to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. In the quarter ended September 30, 2024, the common warrants issued in October 2022 were dilutive. In all other periods presented, all outstanding warrants were antidilutive.

Periods ended September 30, 2024

    

Three Months

    

Nine Months

Net loss

$

(14,664,719)

$

(42,226,073)

Dilutive effect of warrant liability

(1,428,355)

 

(7,283,786)

Net loss allocated to common shares

$

(16,093,074)

$

(49,509,859)

Weighted average common shares outstanding - basic

39,335,924

 

34,850,441

Dilutive effect of warrant liability

458,296

 

695,060

Weighted average common shares outstanding - diluted

39,794,220

 

35,545,500

Net loss per share - diluted

$

(0.40)

$

(1.39)

The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive:

Three Months Ended

Nine Months Ended

September 30,

September 30, 

    

2024

    

2023

    

2024

    

2023

Warrants

 

20,412,789

27,148,243

20,412,789

27,148,243

Preferred shares on an as-converted-into-common-stock basis

 

6,015,662

111,111

6,015,662

 

111,111

Stock options

 

5,359,624

2,280,756

5,359,624

 

2,280,756

Total potentially dilutive shares

 

31,788,075

29,540,110

31,788,075

 

29,540,110